Real estate records indicate that in July, Morreale obtained a $3.7 million mortgage from Firstier Bank for the 101 Broadway address. On July 25, Morreale purchased the 1st Avenue Hotel building for $2.5 million, according to city records. (The seller, a company called “I’m In, LLC,” had owned the 10,373 square-foot property since 2005, when it bought it for $1.9 million.)

This leaves Morreale with nearly $1.3 million, presumably for the massive renovation needed on the 103-year-old structure. If his other projects are any indication, whatever he comes up with will be an awesome addition to the Broadway ‘hood. –Jared Jacang Maher

UPDATE:

Looks like the chunk of change for renovations is much greater than $1.3 million. From a M-inc press release:

"Through a lending partnership with local bank FirsTier and the Small Business Administration, Morreale plans on spending in excess of five million dollars accomplishing his goal of restoring the 1st Avenue Hotel back to one of Denver's most prized landmarks."

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